Since there are no regulations, cryptocurreny can be used in a lot of negative ways including as payment for fraud, ransom, pyramiding and drug trade.

When it comes to cryptocurrency, the market remains volatile and unpredictable. To make things more secure, nations such as china and South Korea have implemented sweeping reforms to protect the cryptocurrency industry.

A closer look at China and South Korea

Now, China has implemented drastic changes in hopes to rectify all that. According to Fortune, the Asian superpower now has banned its people from searching bitcoins and initial coin offerings (ICOs) as a means to prevent financial risk.

This move primarily shuts down offshore cryptocurrency platforms when the local ban failed to put off the interest of the people who sought refuge in platforms abroad.

The nation’s government vows to release stricter regulations on local investors participating in offshore cryptocurrency platforms.

China has made similar moves before when it banned social media platform Facebook using the vaunted “Great Firewall of China.” It seems the nation is bent on completely doing away from any form of cryptocurrency and trade. With the highly volatile market, the investors are easily triggered and this increases the chance of social unrest. Now, online ads promoting cryptocurrency are banned, too, in Baidu and Weibo.

On the other hand, South Korea has also implemented some changes, although not as drastic as that of China’s. Per Reuters, officials from South Korea are mulling over banning cryptocurrency investors from using anonymous banks when doing transactions.

The country is swept with the Bitcoin fever and the bug has caught up with everyone, from housewives to college students and office workers.

Now, investors must identify themselves first in order to make transactions with their virtual coin wallets. Their names must match with their respective bank accounts.

The authorities promise to release the detailed guidelines for local banks and clients in the coming days.

Is it still safe to invest in cryptocurrency?

There are still risks involved because cryptocurrency is not regulated, but it can be lessened with the right platform for investors. Blockchain, the backbone of Cryptocurrencies such as Bitcoin, has many benefits and applications in different industries that removing it altogether brings more harm than good.

Global Blockchain Technologies (OTCMKTS:BLKCF, TSXV:BLOC) tries to solve this issue by having industry leaders and pioneers run the platform. Since the people behind Global Blockchain are experts in the field, the risk is lessened for clients and investors. What this new company does is to give exclusive access to members in new ICOs that have massive opportunities to invest in.

Led by Chairman Steve Nerayoff, CEO Rik Willard, and President and COO Shidan Gouran, the company knows the risks that are involved and their years’ long experience will make sure it is lessened or avoided.

Blockchain acts as a third-party ledger, and it is decentralized. Each transaction made is traceable and transparent, which minimizes the occurrence of fraud and wrongdoing.

Each transaction is recorded without the use of any intermediary. Hackers will also have a hard time penetrating blockchain because of the many users it has.

With the help of Global Blockchain, new investment opportunities were discovered in sectors not thought of possible before. These include investments in energy supply, KODAKCoin, Millennial Esports, high-performance analog semiconductor products and online games.

As more nations are opting to ban cryptocurrency transactions in their country altogether, they are missing out on massive investment opportunities. The market remains unpredictable and volatile but with the help of the right people who know what they are doing, investors in bitcoins and ICOs should not worry about anything.

This area provides transparent information about Blasting News, our editorial processes and how we strive for creating trustworthy news. Moreover, it fulfills our commitment to The Trust Project - News with Integrity (Blasting News is not a member of the programme, but has requested to be a part of it - TTP has not conducted a compliance review yet).

We and our partners use technologies, such as cookies, and process personal data, such as IP addresses and cookie identifiers, to personalise ads and content based on your interests, measure the performance of ads and content, and derive insights about the audiences who saw ads and content. For further details, please read our cookie policy. Click on the 'Accept' button to allow these uses or on 'Edit' to get more details and/or reject all or part of them. You can change your mind at any time and change your choices by clicking on 'Edit Consents' at the bottom of the page. If you continue browsing by accessing another area of the site or selecting, for example, an image or a link, you express your consent to the use of cookies and other profiling technologies used by the site.